The proposal document is some 585 pages long, so it may take some time
to fully digest the proposals. Comments are open for 90 days. That review is complicated by various State laws that are being rushed through to permit intra-state crowd investing out of frustration at what is perceived as SEC foot-dragging. And, on this side of the Pond, the
FCA's own consultation on crowdfunding, due out this week. A lawyer's work is never done [sighs].

As a reminder, the JOBS Act exemptions apply to transactions by an issuer that meet requirements which include:

the amount raised must not exceed $1 million in a 12
month period (adjusted for inflation at least every five years);

individual investments in a 12 month period are limited to the greater of:

$2,000 or 5
percent
of annual income or net worth, if annual income
or net worth
of the investor
is less than $100,000;
and

10
percent
of annual income or net worth
(not to exceed an amount sold of
$100,000), if annual income or net worth
of the investor
is $100,000
or more
(adjusted for inflation at least every five years); and

transactions must be
conducted through an
intermediary that is either registered
as a
broker, or
is
registered
as a new type of entity called a
“funding portal” that is exempt from broker/dealer registration;

issuers and
the intermediaries
must
provide certain information to investors and potential investors, take
certain
other
actions and provide notices and other information to the Commission;

the securities acquired through this exemption are also to be exempt from registration requirements.